SK Group Chairman Chey Tae-won called for discussions on a new growth metric that encompasses social and environmental value, stating that "the current GDP indicator cannot properly measure growth that addresses the problems facing South Korea."
At the "2026 Value and Growth Forum" held at the Korea Foundation for Advanced Studies conference hall in Seoul on the 10th, Chairman Chey spoke with Interior and Safety Minister Yoon Ho-jung. He diagnosed that "the problem facing the Korean economy is not simple growth slowdown but a structural issue where domestic demand shortage and rising social costs are operating simultaneously."
"As the biggest beneficiary of the WTO system, the conditions where cheap and quality products would sell in the global market no longer work that way," he said, pointing to the limits of the export-led growth model.
Chairman Chey made clear that pursuing social value is not mere philanthropic activity but the foundation for the system's existence. "If we fail to solve social problems, welfare and conflict costs will continuously increase, eventually creating a vicious cycle that constrains economic growth itself," he said. "If social problems grow too large, they become incompatible with capitalism."
He emphasized that "relying only on good intentions is insufficient" and that "we must somehow convert goodness into a scientific form." Just as corporate accounting evolved from rough estimates to double-entry bookkeeping, social value also needs a structure where it is measured based on data and incentives are provided to increase participation, he explained.
Chairman Chey believes a new GDP measurement system that includes social and environmental value is necessary. "The very premise of treating GDP growth as growth may be wrong," he said. "Growth that cannot solve these problems will ultimately be meaningless growth. We must not chase phantoms but set proper goals."
Regarding areas that could be overlooked when fixated on number-driven growth such as the environment, he noted, "If you impose regulations, people will lie or focus their efforts on evasion. We need to change to a structure where someone rewards the creation of environmental value to reach our goals faster."
Chairman Chey first proposed the concept of Social Progress Credits (SPC)—a structure that measures social problem-solving outcomes and provides cash compensation—at the World Economic Forum in Davos in 2013. Since 2015, he has been conducting a social performance incentive project to verify this hypothesis.
At the forum, Chairman Chey also expressed the view that artificial intelligence technology could play a role in new growth models. If social enterprises utilizing AI increase, AI industry development, social value creation, and GDP contribution could happen simultaneously, he said. "With limited resources, the era of bringing one solution to one problem has passed. We need designs that catch at least two or three rabbits at once."
Regarding concerns about potential side effects from incentive systems—such as inflated performance or wasted resources on less effective initiatives—Chairman Chey said, "To escape the swamp of low growth, we must push forward even accepting some side effects. South Korea has few other options."
Minister Yoon agreed that a new growth ecosystem where government policy and private innovation work together is needed, expressing willingness to strengthen problem-solving through promoting the Social Solidarity Economy Basic Act and expanding financial support. He mentioned the integrated care law taking effect on the 27th of this month and the Solar and Wind Income Village project being developed in 2,500 villages nationwide, pledging to create an ecosystem where social enterprises and cooperatives participate in social service delivery.
At the forum, the Center for Social Value Enhancement Studies announced SPC results achieved over the past decade. Since the project's launch, 468 companies have participated, creating 536.4 billion won in social value, with 76.9 billion won in cash incentives distributed. The institute reported that companies receiving incentives created approximately three times more social outcomes than those that did not, and participating companies' revenues were on average 34% higher than non-participants. This demonstrates that social value has become a growth asset rather than a cost for companies.
About 150 attendees including academics, policy experts, and corporate officials participated in the event. Professor Jang Yong-seok of Yonsei University moderated the dialogue.